One of my subscribers asked me to review the EUR/NZD pair and here is what I am seeing on the charts. As always, I start with a top-down approach using the monthly time frame and then drill down to the 4hr chart.
Risk appetite received a boost on Monday with more upbeat Covid vaccine news. This underpinned stocks in their continued drift higher and resulted in Yen and Gold weakness but the US$ remains range-bound. This shift triggered some decent trend line and range-breakout trades on Gold and the Yen pairs.
Last week: Covid news started to dominate post-US Presidential Election news last week as the infection case load across the USA and Europe continued to rise at an alarming rate. Despite this, risk sentiment held up rather well with the the small caps Russell-2000 and Copper closing with good-sized, bullish weekly candles. The US stock […]
BTC/USD: The recovery of BTC/USD over recent weeks has brought this cryptocurrency back into focus for many traders and analysts. BTC/USD closed the week with a large bullish weekly candle and just under the $19,000 whole-number S/R level. I have long been on record wondering if this 2019 – current swing High move is part […]
Both FX indices have printed small, Spinning Top weekly candles reflecting continued indecision. The progressively smaller candles on the DXY brought the Babushka doll set to mind and, hence this photo. Next week could offer slower trading and fewer opportunities given it is US Thanksgiving but keep watch for any other potentially market-moving news related […]